Azerbaijan: AAM gold production up in Q1 2018

Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, produced 18,307 ounces of gold in the first quarter of 2018, up by 26% YoY, according to the company report.

The company said that such a sharp increase in the gold production was linked with the launch of production at the new Ugur field.

The copper production during the reporting period amounted to 255 tons, down 2.4-fold (606 tons).

During the reporting period, the silver production was 40,583 ounces compared to 36,369 ounces in the same period of 2017 (showing an annual growth of 3.1%).

In 2018 AAM plans to produce up to 84,000 ounces of gold.

Anglo Asian Mining PLC is a gold, copper and silver producer with a broad portfolio of production and exploration assets in Azerbaijan.

AAM and Swiss Industrial Minerals SA signed an agreement in May 2014 on selling cooper concentrate produced at Gadabay field in Azerbaijan. Based on the production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.

The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and are stored in the government’s account.

In 2017 AAM produced 59,617 ounces of gold, 1,991 tons of copper and 172,853 ounces of silver in Azerbaijan. (Trend/Ukrainian metal)